Top Irrevocable Trust Lawyer Phoenix AZ
A top irrevocable trust lawyer in Phoenix, AZ at Kamper Estrada, LLP can be of support regarding a family’s irrevocable trust — whether that be during the creation stage or in the event a dispute arises. An irrevocable trust is where the grantor hands over his or her ownership of assets and property, and transfers it to a trustee who then manages the estate instead. In a family trust, the beneficiaries are related to the grantor. The grantor writes a trust deed and signs it. The beneficiaries of the family trust do not have to agree to the deed of trust for it to become in effect.
Due to the delicate yet complex nature of estate planning, we advise getting legal help from a top trust lawyer in Phoenix, AZ before signing your irrevocable living trust.
For most states in America, a trust is assumed to be revocable. That is, unless the trust deed includes a statement that it is irrevocable. What this means is that the family trust terms cannot be termined, amended, or changed in any way without permission from the beneficiaries.
If you are wondering whether to choose a revocable or irrevocable family trust, a Phoenix, AZ top irrevocable trust lawyer can provide you with pros and cons for each. For example, a benefit of an irrevocable trust is that creditors cannot reach your assets. But then on a potential downside, unless you list yourself as a beneficiary, you are completely relinquishing control over your estate and no longer have a legal say in how it is handled.
The names of the beneficiaries for your family trust must be included in the trust deed. You can list your name as a beneficiary as well, if you wish. The assets in the family trust will be distributed to those you wrote down in either one lump sum, through regular payments overtime, or in some other way as decided by the trustee.
Because family trusts can be a sensitive topic, once beneficiaries are notified of their portion of the estate, disputes can quickly arise. To help prevent this from happening, we encourage you to let an Arizona top irrevocable trust lawyer in Phoenix review the terms of your family trust before making it final.
Role of Trustee
In the trust deed, there should be someone listed as the primary trustee, and a back-up trustee just in case the former is unable to fulfill their responsibilities. Who you appoint as trustees must consent to the role. The trustee can be a person or company, such as a partner, relative, trust agency, or bank.
As a top irrevocable trust lawyer in AZ may explain, the potential disadvantage of naming an individual as your trustee, is that a new trustee may have to be appointed if the trust is set to last past the original trustee’s lifetime. A trust agency may continue being in operation for much longer than the lifetime of any person currently living. However, many grantors of a family trust like knowing that someone they care about has taken over managing their legacy.
If you need help regarding an irrevocable family trust, then you can count on us. Please contact us today for a free consultation with a top irrevocable trust lawyer in Phoenix at Kamper Estrada, LLP.